In normal times it’s hard enough to price your workshop or course. So many things (tangible and intangible) come into the equation….
How many people you expect to attend
The costs required to run the event (venue etc.)
Hidden costs that no one even sees (driving to the venue, insurance etc)
The time taken to prepare for the event
The fact that you spent years becoming a pro potter/ photographer/ designer/ therapist in order to bestow your knowledge to someone else
Our old friend supply and demand - (the fact that you are the only person doing aquatic yoga within a 1,200 mile radius and your courses are booked up for the next 28 months)
Anyway, you get the point, there is a lot to take into account. So it doesn’t make pricing any easier when a global pandemic hits and your events are now online.
Here are the things we think you should take into account…
Costs are down
For most of you, going remote will mean that you have less of the normal costs associated with running your event. Your attendees will probably be aware of this and expect to see this somehow reflected in the new prices.
Your skills are the same
The Lockdown has done lots of things, but it didn’t reduce the amount of knowledge you have around your subject area. And this is what your customers are really paying for. Know the value of your skills and charge accordingly.
Community spirited pricing
Some people have been financially hit hard by the lockdown, whilst others have not. Think about offering discounted prices for people who may be struggling. You could even offer a different price for health workers and carers who are sacrificing so much at this time. The key here is to remain flexible.
Competing with free
Don’t feel like you are competing with free content. It’s a completely different experience for your attendees. Free content is more like TV, whereas you are looking at your attendees eye-to-eye (albeit via a video camera), calling them by their name and responding to their questions. Do not underestimate the value of this, and make sure they leave feeling like they’ve connected to another human being.
What about life after lockdown…
This is where it’s key not to have reduced your pricing too much. If your prices have gone from $50/£50 down to $5/£5, it might feel painful for your attendees to go straight back to full price. Therefore, try not to make the pricing difference quite too severe between in-person and virtual. Or at least be flexible enough to accommodate different people’s circumstances.
When things start returning to normal we suggest talking to a few regular attendees and taking a temperature check. They hopefully understand you need to make a living too and will give considered feedback.
One suggestion is to take a phased approach - but this will be dependent on how quickly you can get back to full capacity. You could supplement your cheaper classes with more expensive 1-to-1 sessions.
We’ve looked at the data here at Ticket Tailor and there is definitely a trend to charge less for virtual events. However, we are also seeing an increase in confidence from event organisers that they are offering a valuable service to attendees and this requires an appropriately fair fee.
The key really is to keep speaking to your customers and listening to what they are saying. We hope you find the best solution for you!